HS1 - Commercial due diligence​


About the brand

Borealis Infrastructure and Ontario Teachers’ Pension Plan, who owned HS1 Limited, the concession for High Speed 1, were looking to sell 100% of their stake in the company.

The concession included the right to operate and manage the 109km high-speed rail line that connects London St Pancras to the Channel Tunnel, as well as the four stations along the route, until 2040.


The Challenge/Task

Macquarie Capital advised a consortium of lenders on the potential acquisition of the asset. Macquarie approached Pragma with a view to obtaining assistance in the evaluation of the retail business plan and financial forecasting of retail revenue and income for St Pancras Station.


As part of the due diligence process, Pragma:

  • Reviewed the commercial information made available in the bid process and evaluated the commercial offer at St Pancras, as well as any future plans that HS1 Limited had

  • Analysed spend potential and rental rates for commercial units at the station

  • Developed a bespoke commercial revenue model to determine the potential retail income that could be generated at the station

The Result

Pragma’s review and retail income forecast were used by Macquarie Capital and the consortium, which led to their successful acquisition of the High Speed 1 concession.